Smithfield Foods Targets Up To $10.7 Billion Valuation in U.S. IPO

Smithfield Foods is aiming for a valuation of up to $10.73 billion in its U.S. initial public offering, the Farmland bacon maker announced, as reported by Reuters.

Smithfield and WH Group plan to offer 17.4 million shares each, priced between $23 and $27 per share, to raise up to $939.6 million. I Photo: Smithfield Foods

Hong Kong-based WH Group, the world’s largest pork producer, is spinning off Smithfield and listing its shares in the U.S. Smithfield and WH Group plan to offer 17.4 million shares each, priced between $23 and $27 per share, to raise up to $939.6 million.

Morgan Stanley, BofA Securities, and Goldman Sachs are the lead underwriters for the IPO. Smithfield will trade on the Nasdaq under the symbol "SFD," according to CNN.